Our lending criteria

Below you'll find our mortgage specific lending criteria from Bristol & West Mortgages which you should read together with our general lending criteria.

Check through this information carefully to make sure you're eligible before you apply.

First Start Mortgages

Minimum loan:

£15,001 for purchases, £25,001 for remortgages and easyflex offset products (unless otherwise stated)

Maximum loan:

£1 million

Loan Tiers:

100% up to £350,000, 90% up to £500,000, 85% up to £750,000, 80% up to £850,000, 75% up to £1m, 70% to £2m. For loans above £2m please ask. Fees may be added. Conditions apply

Age:

Minimum 18

Term:

Maximum: To normal retirement age. Minimum: 10 years (shorter terms considered by exception where we are satisfied that ability to pay exists)

Overpayments:

You can pay up to 10% of the mortgage balance each year without incurring any early repayment or administration charges. Subject to a minimum payment of £2,000 based on the outstanding balance as at the previous 31st March each year.

Income Multiples:

Uses the main earning parent's income as the primary source and the main child's income as a secondary source, either on a joint or + 1 basis. 4.5 x main income plus 1 x second allowable income or 4 x joint income if greater

Refinance:

Debt consolidation up to 95% Loan to Value (LTV) subject to clean credit history (see General Lending Criteria) where all other standard lending criteria is satisfied

Higher Lending Charge:

Where the loan required exceeds 85% LTV of the lower of the purchase price or valuation and is not on a product described as 'Higher Lending Charge paid by Bristol & West Mortgages' the borrower will pay the following additional security fee on the excess loan over 75% LTV:

Higher Lending Charge Bands:

  • Over 85% to 90%: 7.25%
  • Over 90% to 95%: 8.65%

You may be liable for any mortgage shortfall debt if after possession the sale proceeds are not sufficient to repay your outstanding debt.

Transfer of Equity:

No borrower can be released from the mortgage unless, at the time of application for release, the Loan to Value is less than 95%. Should we require a valuation report, the borrower will be responsible for the cost.

Additional criteria:

  • Available in England, Scotland and Wales
  • Not available to students
  • Maximum of 4 applicants
  • Applicant 1 must be the main earning sponsor
  • Applicant 2 must be the main earning child
  • Minimum age for child at application is 18
  • Maximum age for sponsor at application is 60
  • If a sponsor will have any mortgages outstanding (excluding Buy to Let), you should deduct these as an annual outgoing, at a rate of 1.5% above Bank Base Rate
  • Our Mortgage Deed is written in such a way as to allow the property to be owned jointly or in a sole name. The choice is down to the individual's own circumstances. If the property is to be owned in a sole name, then the party not benefiting must seek independent legal advice prior to completion, as noted in the conditions on our Mortgage Offer
  • The scheme is primarily for parents and their offspring. However, the joint borrower could also be a step parent. Other sponsors considered
  • The parent will be jointly and separately liable for the total loan and repayments
  • For loans between 95% and 100% LTV, the parent must have held a mortgage for 3 years or own an unencumbered property